Tax Benefits of Buying a Residential Property
SECTION 24 DEDUCTIONS: Deduction up to 2 Lakhs for interest payment on home loan. (Over and above Sec 80 deduction)
SECTION 80C DEDUCTIONS: Deduction up to 1.5 Lakhs on principal amount of home loan. (Only after construction is complete)
SECTION 54F DEDUCTIONS: Long Term Capital Gain Tax Exemption if sale consideration from sale of any property invested to purchase a residential property within 1 year or constructed a residential property within 3 years.
Note: Section 80C deductions may include deduction on stamp duty and registration charges but can be claimed only once and in the same year that they are incurred.
Disclaimer: This information is with best of our knowledge and inputs received from experts. We advice to do your own research for details regarding the same.
